Senate Bill 0457

DIGEST OF SB 457 (Updated April 12, 2001 5:34 PM - DI 44)

Community revitalization enhancement districts. Provides that the legislative body of a county may adopt an ordinance designating an unincorporated part of the county as a community revitalization enhancement district (CRED), and the legislative body of a municipality located within the county may adopt an ordinance designating a part of the municipality as a CRED, if: (1) the county's annual rate of unemployment has been above the average annual statewide rate of unemployment during at least three of the preceding five years; (2) the county median income has either declined over the preceding ten years or has grown at a lower rate than the average annual statewide median income during at least three of the preceding five years; (3) the population of the county has declined over the preceding ten years; and (4) certain other criteria (size of empty buildings, job loss, and specified obstacles to redevelopment) are met. Permits the executive of a municipality in St. Joseph County or Allen County to submit an application for the establishment of a CRED in the municipality if the submission of the application is approved by ordinance or resolution of the municipality. Permits the establishment of a CRED in St. Joseph County if certain criteria are met. Permits the establishment of a CRED in Allen County if certain criteria are met. Provides that in a county other than Marion County, a professional sports development area may be established by a second class city before July 1, 2002.